Gold News

Gold Prices could be boosted by US employment situation

Now could be the time for those considering Buying Gold, with one expert suggesting the current state of employment in the US is likely to lead to increasing prices.

According to Bloomberg, gold increased by 24 per cent in 2009 as the Federal Reserve opted to keep interest rates close to zero per cent in order to prompt economic growth.

Tom Winmill, president of Midas Fund, which manages $120 million, suggested that the current prospects for the US economy make further rises likely in 2010.

He told the news provider: "The Fed won’t be able to raise rates, given the employment situation and current fiscal burden.

"Conditions are in place for higher gold prices.”

Afshin Nabavi, head of trading at MKS Finance, a Geneva-based gold trader, revealed to Reuters this week that Gold Investment also remains attractive outside of the US.

He told the news agency: "Physical demand is still high out of Far East and India, so (there is) good support in the market."

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